However, doing your taxes is not QUITE the same. We have the wonderful deadline of "April 15th". Now, there is this thing you can file called an "automatic extension of time to file." If you are a huge procrastinator (such as one of those people who would write Tax Tuesday on Saturday), you can opt to file your taxes by October 15th. Honestly, I think this is just silly (for most people). You would have to fill out a form to file and extension so you can fill out a form later. PLUS it is only an extension to FILE, not to PAY your taxes. You still have to pay by April 15th. (For those ultimate procrastinators who thought you didn't have to pay until October 15th- you can send me half of the penalty fees I just saved you)
But why wait until April 14th to file? (for those people who would wait to write Tax Tuesday until 11:50pm on Tuesday) There are many benefits to filing your taxes early! Maybe even this weekend?
(1) Faster Returns- The IRS sends refunds back in the order that the returns are received. There are ALOT of procrastinators out there (guilty) and many of them will be waiting until the last second to file. That means you are waiting in a HUGE line to get your refund. This is like going shopping on Black Friday when there isn't even a financial reward. Why do it? Efile, Direct Deposit, and get your money back NOW! (then you can go shopping next weekend with your refund check!)
(2) Peace of Mind- Then when everyone else is freaking out last second about getting their return in, you will know that you already did it. You can treat yourself to a glass of wine and read all of the frantic facebook posts from your friends trying to do their taxes last second. Plus you have bragging rights in the office when people complain about still needing to file. (You can take yourself guilt free shopping with your refund check without "doing your taxes" hanging over your head!)
(3) Room for Error- Realize you forgot your W-2 from that random summer job you had for a month? Guess what, you still have time to get the form. Have a major tax issue? You still have time. Time is money.... possibly literally this time.
(4) Planning time- You get to the end of your taxes and you see that final number. Whether you owe $1500 or you will be refunded $1500, it helps to have planning time. If you owe the money, you can use your extra few weeks to save your money, beg your friends for money, or start selling boxes made out of Popsicle sticks door to door so you can pay up by the 15th. OR if you are one of the lucky ones, you can do some online shopping and plan how you want to spend your refund!
So what have we learned? Better late than never, Tax Tuesday should be done on Tuesday, and getting your taxes done early is definitely a good thing! Thus, ending your motivational speech of the week... go out there and do some taxes!
Good thing I am married to an accountant! Doing taxes scares me to death!
ReplyDeleteGuess what? This year the deadline is on April 18th! 3 extra days!
ReplyDeletehaha... I did my taxes sunday... I'm way ahead of the curve. Go me!
ReplyDeleteI honestly looked on Tuesday afternoon to see if you had posted for Tax Tuesday...and I was honestly disappointed when I did see it. I love your blog and I love you more! I have a tax question: How should I file? Should I use the free online filing thingy or pay for a fancier online form or go in and get them done? I'll let you in on my situation:
ReplyDelete1. Throughout 2010 I had a total of 3 jobs (2 different ones through A&M and my internship)
2. Because I was a student for all of 2010 I have those forms
3. Once in a blue moon I get oil royalty checks (they're not substantial) so I have those forms
I feel like I'm forgetting something but basically that's what I have to report and I want to get the maximum return without paying for it...if possible (unless you're going to charge me for this advice)
I think it is funny that I tried to respond to my own blog and then find out that it actually didn't post. how do you people write comments!?
ReplyDeleteMary- I actually did my taxes last weekend. It took me a total of maybe 35 minutes. If you go to turbo tax you can use their free version online (which you probably qualify for). I used it and I had several forms that I had to fill out. It is VERY easy to add multiple W-2s and I had to fill out a form for student loans and bond interest. They walk you through the steps as though you are a first grader (which I was completely okay with)
IF you end up needed more tax help, you can always upgrade as you go.
The other beautiful thing is that they show you your refund/taxes due as you go. If you do not think it is accurate, you can always try another site (or try to do it yourself, get frustrated, and go back to turbo tax).
Good luck! love you!